Most people enter into marriage with the intention of fostering a lifelong union. While 50% of marriages in America today last long-term, the remaining half unfortunately result in divorce. At Repko Law, LLC, our experienced lawyers have drafted prenuptial agreements for clients who are ready to commit to being married, as well as postnuptial agreements for people who are already married but concerned about the financial effects of divorce. In either scenario, developing such agreements is a precautionary measure that will help you and your spouse maintain financial honesty and establish clarity, guidelines, and expectations in the event of a divorce.
What Is a Prenuptial Agreement or “Prenup”?
A prenuptial agreement, commonly referred to as a “prenup,” is a legal document that partners enter into to determine if and how assets and income will be divided in the event of divorce, separation, or death. A prenuptial agreement determines how financial worth will be distributed if the marriage ends, rather than leaving those difficult decisions up to the court. The agreement also helps preserve the distribution of property, allowing separate spousal properties to remain separate or go to certain children, rather than being subject to community property or equitable distribution.
Similar to a prenuptial agreement is a postnuptial agreement, which couples enter into after they are married for the same reasons, and to achieve the same benefits, as a prenuptial agreement.